How You Can Financially Survive After An Expensive Divorce
Monday, August 10, 2015, 6:00 AM | Leave Comment
Going through a divorce can be devastating emotionally for both spouses and can take several years to heal. The process can also be financially difficult due to the cost that is involved to file for divorce and build a new life for yourself.
To ensure that you can survive financially and get back on your feet, there are a few tips to follow to regain your standing.
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Create a Budget
Now that you plan to live on your own, it’s important to create a new budget due to less income that you may be receiving.
You’ll need to determine how much debt you need to repay each month or what you’ll be spending on groceries.
You should also attempt to save a certain amount of money to begin building an emergency fund for unexpected bills. Don’t be afraid to change the budget as necessary in the future.
A divorce can be a lengthy process that will involve different costs throughout each month or year.
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Downsize Your Lifestyle
One of the most difficult adjustments to make during divorce is downsizing your lifestyle to ensure that you can survive on your own in the first year or two.
Make it a point to rent a small apartment, spend less on luxuries, and eat at home more to ensure that you can stick within your budget and don’t get into debt.
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Talk to a Lawyer
Hiring a lawyer like Jason Kohlmeyer can help make the divorce process more amicable to ensure that you get what you deserve when going your separate ways.
Obtaining the services of a lawyer will allow you to obtain legal advice and even protect yourself from your former spouse during the divorce process.
This will also avoid a prolonged process that can make your divorce more dramatic without the help of a mediator.
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Pay Down Debts
It’s important to pay down remaining debts from the marriage and to ensure that you can avoid interest rates in the future.
This will also help you to qualify for credit cards after you’re divorced to rebuild your personal credit.
You can also take advantage of store credit cards or simple loans for smaller types of consumer debt that can allow you to begin a new credit history.
When going through divorce, it’s important to create a financial plan that protects your money and ensures that you can survive after parting from your spouse.
Downsizing your lifestyle and paying down debts can increase your financial stability to ensure that you’re able to move on with your life and fully support yourself independently.
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